Yacht club president's gold kept in chest of drawers (9)
I believe the answer is:
commodore
'yacht club president's' is the definition.
Although both the answer and definition are singular nouns, I cannot see how one could define the other.
'gold kept in chest of drawers' is the wordplay.
'gold' becomes 'or' ('or' is the heraldic name for gold).
'kept in' means one lot of letters goes inside another.
'chest of drawers' becomes 'commode' (commode is a kind of chest of drawers).
'or' put inside 'commode' is 'COMMODORE'.
Can you help me to learn more?
(Other definitions for commodore that I've seen before include "senior officer" , "President of a yacht club" , "officer, surely?" , "Naval officer" , "Naval rank junior to rear-admiral" .)